{"F": {"ts_code": "688268.SH", "name": "华特气体", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "电子化学品Ⅱ", "sw3": "电子化学品Ⅲ", "ind": "电子化学品Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20191226", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 129.86, "pe_ttm": 110.3336, "pb": 6.2331, "dv_ttm": 0.3839, "total_mv": 1658078.452, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.0, 24.2, 26.9, 30.6, 31.9, 30.9], "rev_series": [10.0, 13.5, 18.0, 15.0, 14.0, 14.2], "np_series": [1.1, 1.3, 2.1, 1.7, 1.8, 1.4], "roe_series": [8.6, 9.7, 14.1, 10.2, 9.8, 6.8], "period": "20260630", "rev_ttm": 16.1, "np_ttm": 1.5, "ocf_ttm": 3.0, "fcf_ttm": 1.2, "fcf_yield": 0.7, "ocf_yield": 1.8, "gm_median": 30.6, "gm_std": 2.9, "gm_stab": 0.91, "gm_chg_2022": 0.9, "npm_median": 11.5, "roe_median": 9.8, "commodity": false, "hard_ratio": 33.4, "fix_assets": 12.3, "goodwill_ratio": 4.4, "pb_calc": 6.23, "capex_dep": 1.65, "interest_debt": 5.0, "debt_ebitda": 1.5, "debt_ratio": 26.3, "debt_mv": 3.0, "payout": 44.2, "div_years": 5, "rev_cagr3": -7.7, "np_cagr3": -13.1, "rev_yoy": 29.0, "np_yoy": 19.2, "np_vol": 30.6, "loss_years": 0, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 8, "fwd_pe": 67.3, "fwd_pe2": 54.2, "fwd_g1": 64.0, "fwd_g2": 24.0, "peg": 2.8, "consensus_disp": null, "mainbz": [["产品", 34.0], ["特种气体", 23.0], ["其他", 18.0], ["半导体", 13.0]], "ret_prev_year": 26.9, "ret_prev2_year": -31.9, "ret_ytd": 128.3, "ret_pivot": 238.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -16.5, "ret_60": -43.1, "ret_120": 65.8, "ret_250": 119.5, "mdd_250": -56.2, "vol_250": 91.0, "pos_52w": 46.8}, "S": {"duration": 94, "pricing": 55, "hard": 53, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 110.3 倍、股息率 0.4%、毛利率近 5 年中位 30.6%、固定资产占比 33%、有息负债/EBITDA 1.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 33%、毛利率 30.6% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.7%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.6%,稳定度 91%,2020→2022 成本通胀期毛利率变化 0.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 33%,资本开支/折旧 1.65 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 110.3 倍 粗算,约 95%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 120%,最大回撤 -56%,年化波动 91%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -16% / -43% / 66%。", "行业对照": ["同申万二级「电子化学品Ⅱ」36 家中位:PE 93.9 / 股息率 0.4% / 毛利率 29.9% / 固定资产占比 33% / 分红率 44%。", "华特气体:PE 比行业中位高 16.4倍;股息率 与行业中位持平;毛利率 比行业中位高 0.7个百分点;固定资产占比 比行业中位高 0.5个百分点。"]}}